Berman DeValerio Files Securities Class Action Lawsuit Against Avid
BOSTON -- March 25, 2013
The law firm of Berman DeValerio filed a securities class action lawsuit today
against Avid Technology, Inc. (NASDAQ: AVID)(“Avid” or the “Company”) and
certain of its officers (collectively, with Avid, the “Defendants”).
The lawsuit alleges violations of United States securities laws on behalf of
purchasers of Avid securities from April 22, 2011 through and including
February 22, 2013 (the “Class Period”). The complaint was filed March 25, 2013
in the United States District Court for the District of Massachusetts, as
Courtney v. Avid Technology, Inc. et al., 1:13-cv-10686 (D. Mass.).
Based in Burlington, Mass., Avid develops, markets, sells and supports
software and systems used to create and manipulate digital media content. On
February 25, 2013, the Company said it was postponing the release of its
financial results for the fourth quarter of 2012 because it needed more time
“to evaluate its current and historical accounting treatment related to bug
fixes, upgrades and enhancements” to certain products.
As a result of the news, Avid shares fell $0.68 per share, or nearly 9%, to
close at $6.98 per share on Feb. 25, 2013.
The lawsuit alleges claims under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and Rule 10b-5
promulgated thereunder by the United States Securities and Exchange Commission
on behalf of Class Period investors. The complaint names as defendants the
Company; former Chief Executive Officer and President Gary G. Greenfield; and
Kenneth A. Sexton, the Chief Financial Officer, Executive Vice President and
Chief Accounting Officer.
Please click on the link to receive a copy of the Avid complaint or call
Berman DeValerio at (800) 516-9926.
If you are a member of the class, you may, no later than May 24, 2013, request
that the court appoint you as lead plaintiff for the class. You may contact
Berman DeValerio to discuss your rights and interest in the case. Please note
that you may also retain counsel of your choice or, alternatively, take no
action at this time, in which case you will still remain a class member.
Berman DeValerio (www.bermandevalerio.com) is a national law firm representing
investors for violations of securities and antitrust laws. The firm has 38
lawyers in Boston, San Francisco and Palm Beach Gardens, Florida.
Bryan Wood, Esq., 800-516-9926
Press spacebar to pause and continue. Press esc to stop.